Louisiana income forecast downgraded slightly, by $27M

Louisiana’s income forecasting panel has tweaked its estimates, dropping projections for the upcoming budget year by $27 million.

The adjustment made Tuesday by the Revenue Estimating Conference was modest in a state general fund topping $9.4 billion.

It’s unclear if the change will force adjustments to Louisiana’s operating budget proposal for the financial year that begins July 1, a $29 billion spending plan still being debated by lawmakers.

Lawmakers in the House passed a budget proposal that already was $235 million below the available state financing in the previous forecast. Senators who currently are working on the budget proposal could simply absorb the reduced forecast in that buffer of unspent money.

Economists said this year’s forecast also might come up short, but the estimating panel decided against revising those projections.